The web is part of the community and formed by the community. And until the community is a crime-free zone, the web will not be a crime-free zone.
So what is Cryptocurrency? Cryptocurrency is a decentralized payment system, which basically allows people to send each other’s currency through the web without the need for trusted third parties such as banks or financial institutions. The transaction is cheap, and in many cases, they are free. And also, payment is also anonymous pseudo.
And that, the main feature is that it is completely decentralized, which means that there is no one central point of authority or something. The implication of this is carried out by everyone who has a full copy of all transactions that have occurred with Bitcoin. This creates a very resilient network, which means no one can change or reverse or police one transaction.
The high anonymity there means it is very difficult to track transactions. It is not fully impossible, but it is not practical in many cases. Become a crime with cryptocurrency – because you have a fast and unlimited transaction, and you have a high level of anonymity, in theory creating a mature system for exploitation. So in most cases when it is an online crime with an online payment system, then they tend to go to the authorities and, say, we can submit this payment information or we can stop this transaction and reverse it. And nothing can happen with Bitcoin, so it makes it mature for criminals, in theory.
Given this, many different institutions are researching Bitcoin and seeing Bitcoin and trying to understand how it works and what they can do to take it. It is also in the media several times, and the media, becomes a media, like focusing on the bad side. So they are very focused on evil with it. So if there is theft or fraud or something like that, they tend to blame it to Bitcoin and Bitcoin users.
So the most prominent might be the silk road, which was revealed recently, and through Bitcoin worth $ 1.2 billion, went to pay anything from drugs to the weapons to hit such things. And the media, once again, very quickly to blame this on Bitcoin and say that it is a bitcoin user error.
But there is actually a little evidence of the scale of crime problems with cryptocurrency. We don’t know if there are many or we don’t know if there is a little. But regardless of this, people are very fast brands as criminal things, and they forget about legitimate use, such as fast and fast payments.
So some of the research questions I see in this area are what is a crime with Bitcoin? So many people will say that fraud and theft have occurred for centuries. But the means at which they have changed with technology. So a Victorian fraudster, practically will do something very different from the 419 Nigerian Prince Scammer.
So the next question I want to examine is also looking at the scale of crime problems with Cryptocurrency. So by producing known fraud and theft logs and things like that, we can then refer to the public transaction log of all transactions and see how many transactions are actually illegal and criminal. So my last question is, the extent to which technology itself actually facilitates crime? By looking back to the crime log, we can see certain types of crimes that occur, and if it’s actually a technological mistake, or whether this is the same old crime that we have seen before. And once we consider these things, we can start thinking about the possibility of solutions to crime problems with Bitcoin.